Opinion: Mexico's Self-Inflicted Pain

This transcript has been automatically generated and may not be 100% accurate.

... the energy revolution ... Baxter until sister Anastasia ... are ... America's promise ... for thanks for being here the of ... interesting column this week and if you look in the U S economy this is really the ... way ... given all the policy mistakes in Washington were the only things that deal really excited about is is energy revolution of ... the natural gas and oil love ... lots of the new ... production new reserves ... of Mexico ... hasn't been exploiting its energy resources as a ... as aggressively as we have lately ... why not is there is there hope for change or ... why this is the next James and I that when the things I did when and if the stock to the new government was ... inaugurated in December ... and there's a new finance minister who I isn't and ninety economists and their smart guy abandoning them from obesity to verify ... and out when I talk to him about why in Mexico is not growing faster which of course is the solution to Mexican poverty ... he named a number of different things of which are holding back the productivity growth in the country and one of the key ones with energy ... and that's because the energy resources are technically of corn in the Constitution owned by the state ... paid country nationalize the whole energy sector in nineteen thirty eight ... and ... a man who last I would say twenty or thirty years they really haven't had the money ... they've been taking money out of the company and using it for government spending and they haven't really invested ... so they have all these energy resources that are not great Minister of State noted the ... state owned monopoly ... predictably not on the cutting edge technological way of exploiting the resources the way they could be short a cap ... one very interesting thing I thought in your interview is ... you raise the question whether or not the start and actually getting done but he does seem to understand that they they have a need for growth they've been going fairly well but he points outlook given lower levels of poverty we gotta grow faster ... yet mean David Ayad is a very Condon said he ... fully understands the market and United they stand back on this is really a political prominence on uneconomical riddle that nobody understands ... on he says that it's not the power of the Pemex Union which has traditionally been very powerful ... but the ideology of the left in Mexico which is clinging to the idea that this is a national ... eye patch or money belonging to the people of Mexico in it should be taken by foreign investors ... now interestingly enough he also says that he would not privatized ... the oil company all he wants to do is allow ... at private participation private investment than not exploration and exploitation ... and allow those private investors ... to benefit in the risks are when you bring me Lyla ... ok though of this ... he wonders for how much of a mini the as you say there's on the left there's been this resistance to allow private enterprise and ... then foreigners to produce a baby in this market ... aam is is it ... in something where the ... it was a campaign issue in the the new president in the finance ministry's boe d now have a mandate to do something over or was it really not addressed in the lecture well they depress and and I and we keep going in yet though actually during the campaign pop at bout ... how he wanted to ... I changed the iam the ideology around oil ... aam ... and I think it out with the idea that police there I had is is that if they take the argument directly to the Mexican people and explained to them that this is a matter of pricing and costs ... and its effects households and small and medium size businesses ... on it they can convince the Mexican public and get popular support for a change in the law ... I if they tried to fight it through the political class I think it's can be much more differences may be encouraging he set the table during the election so for this discussion and the Z and some private capital next go to the Keystone pipeline built in the United States ... could get a very very sudden for Energy Consumers ... absolutely ... so good things for him ...